The imposition of tariffs on imports results in deadweight (triangle) losses. These are
A) production and consumption distortion effects.
B) redistribution effects.
C) revenue effects
D) efficiency effects.
E) distortion of incentives.
E
Economics
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The price ceiling
A. is binding. B. causes a shortage. C. causes the quantity demanded to exceed the quantity supplied. D. All of the above are correct.
Economics
When the consumer spends less than 1% of his income on a good, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) elastic, unit-elastic or inelastic depending upon supply.
Economics